Positioning
Who holds which side of the main futures markets: pension funds and other asset managers, hedge funds, speculators and commercial hedgers, each group’s net position as a share of the market, and how stretched it is against the past three years.
Positions this week
CFTC Commitments of Traders · Oct 20, 2026S&P 500, asset managers
+46.6% of OI
−0.8 pp on the week
Asset managers · 62th pct of 3 years · Oct 20
S&P 500, leveraged funds
−19.2% of OI
+2.0 pp on the week
Leveraged funds · 27th pct of 3 years · Oct 20
10-year note, leveraged funds
−35.9% of OI
+2.0 pp on the week
Leveraged funds · 57th pct of 3 years · Oct 20
Yen, leveraged funds
−6.0% of OI
+3.0 pp on the week
Leveraged funds · 77th pct of 3 years · Oct 20
WTI crude, speculators
+2.0% of OI
−0.1 pp on the week
Managed money · 14th pct of 3 years · Oct 20
Gold, speculators
+25.9% of OI
−1.1 pp on the week
Managed money · 33th pct of 3 years · Oct 20
Net position is longs less shorts as a share of all open contracts. Positive is net long.
Stock indexes and volatility
Asset managers and leveraged funds| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| S&P 500 (E-mini) | Asset managers | 901,377 | +46.6% | −0.8 pp | 62 | |
| Leveraged funds | −371,245 | −19.2% | +2.0 pp | 27 | ||
| Nasdaq-100 (E-mini) | Asset managers | 77,790 | +28.6% | +1.7 pp | 66 | |
| Leveraged funds | 950 | +0.3% | +4.4 pp | 94 | ||
| VIX futures | Asset managers | −57,459 | −13.2% | +4.0 pp | 4 | |
| Leveraged funds | −20,890 | −4.8% | −5.0 pp | 69 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Oct 20, 2026 · read Oct 23, 5:22 PM ET
Treasuries
Asset managers and leveraged funds| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| 2-year Treasury note | Asset managers | 1,723,580 | +38.0% | −1.4 pp | 21 | |
| Leveraged funds | −1,285,548 | −28.4% | +1.6 pp | 97 | ||
| 10-year Treasury note | Asset managers | 2,925,416 | +49.9% | +0.1 pp | 100 | |
| Leveraged funds | −2,107,224 | −35.9% | +2.0 pp | 57 | ||
| Treasury bond | Asset managers | 388,007 | +21.7% | +0.5 pp | 4 | |
| Leveraged funds | −162,757 | −9.1% | −0.8 pp | 99 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Oct 20, 2026 · read Oct 23, 5:22 PM ET
Currencies
Against the dollar: long the euro is short the dollar| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| Euro | Asset managers | 190,421 | +21.7% | −1.2 pp | 1 | |
| Leveraged funds | −68,840 | −7.8% | 0.0 pp | 3 | ||
| Japanese yen | Asset managers | 79,103 | +20.9% | +3.3 pp | 79 | |
| Leveraged funds | −22,890 | −6.0% | +3.0 pp | 77 | ||
| British pound | Asset managers | −134,621 | −53.0% | +1.3 pp | 3 | |
| Leveraged funds | 24,104 | +9.5% | +5.7 pp | 25 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Oct 20, 2026 · read Oct 23, 5:22 PM ET
Commodities
Speculators (managed money) and hedgers (producers and merchants)| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| WTI crude | Managed money | 36,187 | +2.0% | −0.1 pp | 14 | |
| Producers and merchants | 359,568 | +19.6% | +1.0 pp | 97 | ||
| Natural gas | Managed money | −157,409 | −9.2% | −1.9 pp | 1 | |
| Producers and merchants | −13,154 | −0.8% | −0.2 pp | 80 | ||
| Gold | Managed money | 104,206 | +25.9% | −1.1 pp | 33 | |
| Producers and merchants | −14,783 | −3.7% | +1.0 pp | 99 | ||
| Copper | Managed money | 47,690 | +14.6% | −4.9 pp | 49 | |
| Producers and merchants | −77,406 | −23.7% | +5.1 pp | 54 | ||
| Corn | Managed money | 164,423 | +9.0% | −4.4 pp | 79 | |
| Producers and merchants | −528,744 | −28.8% | +3.7 pp | 22 | ||
| Wheat (Chicago) | Managed money | −52,005 | −10.1% | −3.7 pp | 74 | |
| Producers and merchants | −40,646 | −7.9% | +3.0 pp | 30 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Oct 20, 2026 · read Oct 23, 5:22 PM ET
S&P 500 futures
Net position, % of open interest, three years- Asset managers
- Leveraged funds
10-year Treasury futures
Net position, % of open interest, three years- Asset managers
- Leveraged funds
Asset managers are pension funds, insurers and mutual funds; leveraged funds are hedge funds and trend followers. In Treasuries, leveraged funds’ large net short is mostly the futures side of the cash-futures basis trade, not a bet on yields. A position at the edge of its three-year range is the one most likely to be unwound quickly if the market moves against it.
ARCANE reporting
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Sources
Every number above, where it comes from and when it was read- Commodity Futures Trading CommissionCommitments of Traders: Traders in Financial Futures and Disaggregated, futures onlyData for Oct 20, 2026 · read Oct 23, 5:22 PM ET